A datacenter magazine promises a lively discussion called “Is two-phase immersion cooling leading...
Fire Safety Concerns
Obviously, these high voltages and current do not exist in telecommunications or data center equipment. Even line voltage of 220V and 10 amps would never arc between two components or circuits because the dielectric strength of ElectroCool coolants is far above that. And if an arc were to occur, there is no chance that there would be sufficient energy applied to the coolant to raise its temperature above the fire point – fuses would detect the high current situation and close the arc far before the fluid got hot. A 300 C fire point is not appropriate for low-power equipment where sufficient energy to ignite the dielectric coolant doesn’t exist.
I hope that this helps explain some of the background of the 300 C. fire point requirement (even that number was chosen by consensus of a committee, not because it represents any threshold of fire safety). Cooling electronic equipment is not the same as cooling power transformers, and the safety requirements of each should reflect that.